Nearly 12 percent of US homeowners are are behind on their mortgages or in foreclosure; and among sub-prime borrowers, that number is almost half (48%). This round is being blamed on job losses.
On the bright side, there are signs that the damage caused by sub-prime adjustable rate lending is waning. Their 30-day delinquency rate is at the lowest point since the first quarter of 2007, when lenders stopped making these risky loans.
(Article published in the Austin-American Statesman. Read it here)
